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Property and Equipment
 12 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment Property, Equipment and Leasehold Improvements
Property, equipment and leasehold improvements in the accompanying consolidated and combined balance sheets consist of the following:
 June 30,
 20232022
 (Dollars in Thousands)
Property, equipment and leasehold improvements, at cost:
Computer equipment, furniture & fixtures$26,918 $27,465 
Leasehold improvements8,544 7,158 
Construction in progress1,658 493 
Property, equipment and leasehold improvements, at cost37,120 35,116 
Accumulated depreciation(18,450)(17,968)
Property, equipment and leasehold improvements, net$18,670 $17,148 

Property and equipment are stated at cost. The Company records depreciation using the straight-line method over their estimated useful lives, as follows:
Asset ClassificationEstimated Useful Life
Computer equipmentthree years
Furniture and fixtures
10 years
Leasehold improvementsLife of lease or asset, whichever is shorter

Depreciation expense was $5.5 million, $3.2 million and $5.3 million for fiscal 2023, 2022 and 2021, respectively.